The most anticipated event for the nation and claimed to be the one like never before by the current Finance Minister Nirmala Sitharaman, the Budget of 2021 is going to be a spotlight event, to say the least. Until then, let us have a look at some of our previous Union Budgets via cool and easy-to-understand infographics.
Crux of the Matter
The union budget size has increased at an annual rate of 11.6%, reaching ₹30.42 lakh crores in 2020-21.
But with the increasing size of the budget, a developing nation’s issue, fiscal deficit did not leave India. The revenue deficit was also of a concern.
Now let us look at the trend of budgetary allocations in some key sectors for a developing nation.
But how does this allocation fare with other nations? Let’s find out.
You might also be wondering where does all the money with the government come from? They tax us for sure, but that’s not all. Find it here yourself.
The Indian Railways has been making a peculiar demand to the government since before last budget. Will their thirst be quenched? What is their thirst? Find it all here: Budget 2021: A Beacon Of Hope For Department Of Railways
- The first Union budget of independent India was presented by R. K. Shanmukham Chetty on 26 November 1947. Morarji Desai has presented 10 budgets which is the highest count followed by P Chidambaram’s 9 and Pranab Mukherjee’s 8.
- Until the year 1999, the Union Budget was announced at 5:00 pm on the last working day of the month of February. All that budgets seemed to do was to raise taxes, a presentation in the evening gave producers and the tax collecting agencies the night to work out the change in prices. It was Mr Yashwant Sinha, the then Finance Minister of India who changed the ritual by announcing the 1999 Union Budget at 11 am.
- In 2016, departing from the colonial-era tradition of presenting the Union Budget on the last working day of February, Minister of Finance (India) Arun Jaitley announced that it will now be presented on 1 February. Additionally Rail Budget, presented separately for 92 years, merged with the union budget.